ICT Exports Surge by 40.7% in May 2024

The Information and Communication Technology (ICT) services export remittances of Pakistan have witnessed a remarkable surge, reaching $332 million in May 2024, marking a 40.7% increase from $236 million in May 2023.

From July 2023 to May 2024, ICT export remittances climbed to $2.925 billion, compared to $2.371 billion in the same period last fiscal year.

Minister of State for IT and Telecommunication, Shaza Fatima Khawaja, attributed this growth to the current government’s focus on developing the IT sector. She praised the Special Investment Facilitation Council (SIFC) and the Pakistan Software Export Board (PSEB) for their crucial roles in boosting IT exports.

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“Robust steps are underway to increase IT exports, as directed by the Prime Minister of Pakistan,” said Shaza Fatima. She highlighted the significant increase in the IT sector budget for the upcoming financial year, including an allocation of Rs. 20 billion for Digital Infrastructure Information projects.

Compared to April 2024, ICT services export remittances in May 2024 saw a growth of $22 million (7.1%). The IT and ITeS industry realized a trade surplus of $2.571 billion during July 2023 to May 2024, the highest in all services sectors, marking a 22.31% increase from $2.102 billion in the same period last year.

ICT sector exports, amounting to $2.925 billion, are the highest among all services, constituting 41.02% of the total export of services, with ‘Other Business Services’ trailing at $1.424 billion.